Wednesday, 12 July 2017 09:50

High Demand Exceeded Oil Prices to $48 per Barrel

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Prices for crude oil jumped to $48.76 per barrel. It shows $4.26 more than Nigeria’s 2017 budget orientation of $44.50 per barrel. Moreover, Brent price increased from $47.2 to $48.76 per barrel, Naij News informs. Additionally, WTI price enlarged $45.51 to $46.05 per barrel. At the same time, OPEC basket also leaped from $44.47 to $$45.38 per barrel.

According to OPEC officials, the current growth dynamic in the worldwide economy was confirmed with the omission of brief dips in India and the United States. Meanwhile, in 2017, the US growth stays at 2.21% and the Euro-zone at 1.73%. The forecast for Japan’s growth is 1.42%. China and India remain unaffected at 6.53% and 7.1%, correspondingly. The OPEC Secretary General, Dr. Mohammad Sanusi Barkindo, once again emphasized the significance of discussion as a vital tool to stabilize the world oil market. “We have just finished plenty of meetings in Vienna. Non-OPEC and OPEC countries decided to keep on working jointly as part of the Declaration of Cooperation to ensure that we get a balanced market soon,” Barkindo stressed.

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